“We live in a knowledge economy - services which help companies to understand and interpret complex systems, such as financial markets, are becoming increasingly important.

“This new initiative from IBM is an important vote of confidence in the continued strength of London’s banking and financial sector, and will help to give British firms the competitive advantage they need to thrive and grow.”

Lord Mandelson added that the creation of 400 new highly-skilled jobs by IBM, with potentially more in the future, was also excellent news.

Notes to editors

Lord Mandelson opened IBM’s new Business Analytics Solution Centre at IBM’s Southbank office this afternoon (Tuesday, December 1).

The centre will specialise in advanced analytics of data. Helping organisations to understand trends in data, including what is happening in real time, can aid decision-making and boost competitiveness.

Department for Business, Innovation & Skills

The Department for Business, Innovation and Skills (BIS) is building a dynamic and competitive UK economy by: creating the conditions for business success; promoting innovation, enterprise and science; and giving everyone the skills and opportunities to succeed. To achieve this it will foster world-class universities and promote an open global economy. BIS - Investing in our future.